Determine the interest which must be paid

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Reference no: EM13867701

1.A student has received a $30,000 loan from a wealthy aunt in order to finance his 4-year college program. The terms are that the student repay his aunt in full at the end of 8 years with simple interest computed at a rate of 4 percent per year. Determine the interest which must be paid on the 8-year loan.

2.A $10,000 certificate of deposit earns interest of 8 percent per year, compounded semiannually. Complete the following table with regard to semiannual compounding. What is total interest over the 2-year period?

Semiannual	(P)	(I)	(+I)
Period	Principal	Interest	Compound Amount
1	$10,000	$400	$10,400.00
2

Reference no: EM13867701

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